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Determine the realized, recognized, and postponed gain or loss and the new basis for each of the following like-kind exchanges. If an amount is zero,
Determine the realized, recognized, and postponed gain or loss and the new basis for each of the following like-kind exchanges.
If an amount is zero, enter "0".
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Adjusted Basis ofBoot Given Fair Market Value Boot Received Old Machine of New Asset $7,000 14,000 3,000 15,000 10,000 17,000 $12,000 15,000 8,000 29,000 11,000 14,000 $0 2,000 7,000 $4,000 500 0 1,000 Adjusted Basis of Old Machine Gain/Loss Realized Recognized Postponed New Basis Gain 5,000 1,000 V 5,000 X $7,000 $14,000 $3,000 $15,000 $10,000 $17,000 4,000 2,000 X 6,500 X 12,000X 15,000X 8,000X 9,000 | 3,000 X Loss Gain Gain Loss 11,500 X 29,000 X 11,000 X 14,000X 14,000 0 14,000 2,000 1,000 1,000 3,000 3,000Step by Step Solution
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